FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * LACKLAND JOHN M   2. Issuer Name and Ticker or Trading Symbol POWER EFFICIENCY CORP [PEFF] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) CFO (Last) (First) (Middle) 3960 HOWARD HUGHES PKWY, STE 460 3. Date of Earliest Transaction (Month/Day/Year) 08/22/2007 (Street) LAS VEGAS, NV 89169 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/22/2007   P   3,000 A $ 0.3 143,000 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options

$ 0.65

(1)

10/10/2014

Common Stock

375,000

375,000

D

Stock Options

$ 0.2

(2)

05/30/2015

Common Stock

412,500

412,500

D

Stock Options

$ 0.2

(3)

05/31/2015

Common Stock

1,800,000

1,800,000

D

Stock Warrants

$ 0.4

11/30/2006

11/29/2011

Common Stock

50,000

50,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LACKLAND JOHN M 3960 HOWARD HUGHES PKWY, STE 460 LAS VEGAS, NV 89169	X		CFO

Signatures

John Lackland		08/22/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	200,000 are exercisable immediately, 75,000 more are exercisable on 10-11-2005, 50,000 more are exercisable on 10-11-2006, and 50,000 more are exercisable on 10-11-2007.
(2)	103,125 become exercisable on 9-1-2005, 103,125 more become exercisable on 12-1-2005, 103,125 more become exercisable on 2-1-2006, and 103,125 more become exercisable on 5-1-2006.
(3)	360,000 become exercisable on 6-1-2006, 360,000 more become exercisable on 6-1-2007, 360,000 more become exercisable on 6-1-2008, 360,000 more become exercisable on 6-1-2009, and 360,000 more become exercisable on 6-1-2010.
Remarks: Mr. Lackland also owns a 0.05% interest in Summit Energy Ventures LLC ("Summit"). As of the date of this filing Summit owns 6,803,901 shares of the issuer's common stock and 2,000,000 warrants to purchase the issuer's common stock.

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